Beirut: Lebanon will begin exploratory drilling in its territorial waters by the end of August to see if it has rich energy deposits, Public Works and Transport Minister Ali Hamieh announced.
An oil and gas exploration vessel will arrive in Lebanon’s territorial waters on August 14 and start drilling operations in Block 9 there, the National News Agency quoted the Minister as saying on Thursday.
The results of the exploration will be known before the end of this year to determine whether Lebanon is an oil-rich country, he added.
Lebanon and Israel finalised a US-brokered maritime border demarcation deal in October last year after years of negotiations, opening up the possibility for both countries to explore energy deposits in the Mediterranean Sea, Xinhua news agency reported.
Lebanon needs revenues from the oil and gas sector to facilitate its recovery from a protracted financial crisis that started in 2019.
This post was last modified on August 4, 2023 3:06 pm